The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs have now been settled, fulfilling a key pledge of the CBN Governor, Mr. Olayemi Cardoso, to process an inherited backlog of US$7 billion in claims.
This information was disclosed by the Bank’s Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, in Abuja on Wednesday, March 20, 2024.
Sidi Ali in a statement said that the CBN recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog. She also disclosed that independent auditors from Deloitte Consulting meticulously assessed the transactions, ensuring that only legitimate claims were honoured. Invalid transactions were promptly referred to the relevant authorities for further scrutiny.
Clearance of the foreign exchange transactions backlog she stated is part of the overall strategy detailed in last month’s Monetary Policy Committee meeting to stabilise the exchange rate and thereby curb imported inflation, spurring confidence in the banking system and the economy.
The statement further added that the CBN this month reported a significant increase in external reserves, rising by $993 million to $34.11 billion as of March 7, 2024, the highest level in eight months.The month-on-month increase was driven by a marked advance in remittance payments by Nigerians overseas, as well as higher purchases of local assets, including government debt securities, by foreign investors.
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